In2assets Blog

Prominent Commercial Kokstad Building on Auction

07 Apr 2017

A Kokstad property icon, housing the Department of Education for the last 13 years in 8 Main Street, is on sale at In2assets Combined Commercial Property Auction on the 25th of May 2017, at the Durban Country Club in Durban.

A Kokstad property icon, housing the Department of Education for the last 13 years in 8 Main Street, is on sale at In2assets Combined Commercial Property Auction on the 25th of May 2017, at the Durban Country Club in Durban.

Constructed originally as a retail business outlet, the building was first customised when

a Government Department from the Eastern Cape Province, used Kokstad as the logistic point of administration. With the reshuffle of responsibilities amongst the Eastern Cape and KwaZulu-Natal provinces, the Department of Education of KwaZulu-Natal took over the lease and has since then occupied the building, explains Rainer Stenzhorn of In2assets, Kwazulu-Natal’s largest commercial Auction House.

The building offers the ideal mix of administration and logistics. It services the government schools in the entire southern KZN region with schoolbooks, textbooks, educational material, stationery and once a year the highly sensible exam papers, that are treated with the highest security, a valuable feature of this building.

The building was recently extended with another wing to meet the growing demand of the department and in 2017 the tenant asked for further floor space which can now be developed and delivered as soon as the new owners have been established.

Along with the abundant parking that is available on the property, there is massive space for further development or expansion of the existing building.

The Government has just signed a new lease term and the current annual rental income is R 6,24 million, ends Stenzhorn’s comments.